Pakistan, Nov. 26 -- Pakistan's economic trajectory has often felt like an unpredictable roller coaster, heavily influenced by who holds the reins of power at any given time. The nation's economy, especially during periods of strong military influence, has been shaped by economic strategies aimed at generating immediate, short-term gains. Lowering interest rates has frequently been a preferred tool to spur economic activity, yet this approach has often led to familiar cycles: a burst of economic optimism followed by deep structural issues that remain unaddressed.

Consider the era of General Ayub Khan in the 1950s and 1960s. His tenure is often remembered for extraordinary economic growth and significant infrastructural advancements. Unde...